The 42-year-old diva will join the judges table for season 12 of the hit Fox show.

Her salary is reported to be more than $12 million, and possibly as high as $17 million, after negotiations started weeks ago and concluded early today.

“It’s the biggest recording artist than any of these [singing competition] shows have ever had,” Fox entertainment president Kevin Reilly told critics at their press tour in Beverly Hills today. “It’s an artist many of these contestants have tried to emulate. [The deal] only concluded only hours ago.”

He called Carey on his cell phone, who said, “I am so excited to be joining ‘Idol.'”

Perhaps referring to Britney Spears and Demi Lovato joining the panel on “The X-Factor”, Reilly added. “Not being the only game in town we need to keep things fresh.”

The move comes after Steven Tyler exited the singing competition, and Jennifer Lopez seemed doubtful to stay on after reportedly asking for a raise on her $15 million salary.

“I think I can say it’s 100 percent that Jennifer won’t be back on the show,” Reilly said. Randy Jackson is expected to return, while other names rumored to join the panel include former “Idol” contestant Adam Lambert.